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Biggest advantage: you can tag your friends from the SocialCam app and you can't from the YouTube app.

Ah okay, that sort of "social" isn't really the sort of thing I'm interested in, I guess this isn't aimed at me then. Thanks for clearing it up :)

If I was interested in tagging people, why wouldn't I just post it to Facebook?

You would post it to Facebook...which is why we offer one-click post to facebook.